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If the Scottish Government wants to reverse the demographic decline that blights so much of the Highlands and create the strong, vibrant, well-balanced and sustainable communities that we need, it must first create strong and vibrant local economies, and that means actively supporting smaller business growth. Why? Because our smaller businesses really are the beating hearts of their communities and the glue that holds them together, writes David Richardson is regional development manager at FSB
Whatever the past, the future must not be about business survival; it must be about growth. And this means ensuring that businesses are motivated, helped with supportive infrastructure and rules and regulations, assisted with advantageous access to finance, and more.
However, while our FSB Scotland Big Small Business Winter Survey found that a half of Highlands and Islands businesses feel that Scotland is an attractive place to start a business and a half planned to grow their businesses over the next two years, what of the half that didn’t? Sadly, while most of these wanted to stay the same, sizeable numbers wanted to sell, shrink or close. Obstacles to growth centred primarily on costs and increasing government regulation, but a lack of finance was seen as a barrier to starting up by almost a half, and as an obstacle to growth by a quarter of existing businesses.
Details of Scotland’s current public sector business support (grants, funding etc) can be found on ‘Find Business Support in Scotland’, summarised here, while the British Business Bank, the UK government’s economic development bank, also has a very useful Finance Hub.
But there’s more. At a time when the debt market is transforming, the British Business Bank is partnering with FSB Scotland, Highlands and Islands Enterprise and Highland Council in bringing its debt finance roadshow to the Highlands and Moray.
This hands-on event (Inverness, Wednesday, October 25) is targeted at SMEs seeking injections of working or growth capital, and it will provide a rare opportunity to better understand funding options and to connect directly with lenders from the south. Interested? Click here
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